Sony Bank pilots stablecoin on Polygon blockchain – Ledger Insights

Sony Bank has started an experiment to issue stablecoins linked to currencies including the yen. According to the Nikkei Shimbun, the Sony Group plans to consider whether stable coins can be used as a payment method for digital sales, including games.

Belgian tech company Settlemint is developing a stablecoin using the Polygon blockchain. Settlemint’s expansion in Japan is driven by a strategic partnership with Fujitsu.

Under Japanese law, there are three types of stablecoins, and banks are permitted to issue coins backed by deposits. The bank has also partnered with SuMi Trust on digital securities. Therefore, trust-backed tokens are also a possibility.

Sony Group and Sony Bank have significant Web3 activities. Last year, Sony Group invested in Startale Labs, which is associated with the creation of Astar Network. The group is building its own blockchain to leverage intellectual property in the Metaverse. The company owns Sony Pictures (formerly Columbia Pictures), Sony Music, Sony PlayStation, etc., so these assets are enormous.

Meanwhile, Sony Bank is preparing to launch the Sony Bank CONNECT app, which will offer NFTs and Web3 entertainment benefits linked to financial services products. The first planned product is a USD Green Finance Security Token in partnership with SuMi Trust, targeting the Japanese customer base. Securitize manages token issuance.

Sony Bank already offers digital securities to its customers. Last year, the company partnered with Mitsui & Co. Digital Asset Management (Mitsui & Co.) as an introducer to enable Sony Bank customers to invest in real estate-backed alternative digital securities. Mitsui Alternative intentionally bypasses traditional brokers and allows customers to invest directly with asset managers.

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